The Lavender Company completed the following sales and cash receipts transactions during the first

week of December. The Lavender Company uses the periodic inventory system.

Dec. $1$ Sold merchandise for $$6,700$ on credit to the Banks Co$.,$ terms $2/10,$

$\frac{n}{30},$ invoice no$.1455.$ Cost of the merchandise sold is $$3,600.$

Dec. $1$ Sold merchandise for $$3,400$ on credit to the Warsaw Co$.,$ terms

$\frac{2}{10},\frac{n}{30}.$ Invoice no$.1456.$ Cost of the merchandise sold is $$1,800.$

Dec. $2$ Sold merchandise for $$590$ for cash to the Draper Co$.$ Invoice no$.$

Cost of the merchandise sold is $$300.$

Dec. $3$

Borrowed $$10,000$ from Franklin Savings on a long$-$term note

payable.

Dec. $3$ Sold merchandise for $$7,200$ on credit to the Wentner Co$.,$ terms

$\frac{2}{10},\frac{n}{30}.$ Invoice no$.1458.$ Cost of the merchandise sold is $$4,000.$

Dec. $5$ Received the amount due from the Banks Co$.$ from the sale on

December $1.$

Dec. $6$ Sold merchandise on credit for $$950$ to the Global Co$.,$ terms $2/10,$

n$/30.$ Invoice No$.1459.$

Dec. $6$ Received the amount due from the Warsaw Co$.$ from the sale on

December $1.$Use the sales journal and the cash receipts journal to record these transactions.

Prepare a schedule of accounts receivable. There was no accounts receivable balance at December

Sales Journal

DateThe Lavender Company completed the following sales and cash receipts transactions during the first week of December. The Lavender Company uses the periodic inventory system.

Dec. $1$

Sold merchandise for $$6,700$ on credit to the Banks Co$.,$ terms $2/10,$ n$/30,$ invoice no$.1455.$ Cost of the merchandise sold is $$3,600.$

Dec. $1$

Sold merchandise for $$3,400$ on credit to the Warsaw Co$.,$ terms $2/10,$ n$/30.$ Invoice no$.1456.$ Cost of the merchandise sold is $$1,800.$

Dec. $2$

Sold merchandise for $$590$ for cash to the Draper Co$.$ Invoice no$.1457.$ Cost of the merchandise sold is $$300.$

Dec. $3$

Borrowed $$10,000$ from Franklin Savings on a long$-$term note payable.

Dec. $3$

Sold merchandise for $$7,200$ on credit to the Wentner Co$.,$ terms $2/10,$ n$/30.$ Invoice no$.1458.$ Cost of the merchandise sold is $$4,000.$

Dec. $5$

Received the amount due from the Banks Co$.$ from the sale on December $1.$

Dec. $6$

Sold merchandise on credit for $$950$ to the Global Co$.,$ terms $2/10,$ n$/30.$ Invoice No$.1459.$

Dec. $6$

Received the amount due from the Warsaw Co$.$ from the sale on December $1.$

Use the sales journal and the cash receipts journal to record these transactions.

Prepare a schedule of accounts receivable. There was no accounts receivable balance at December $1.$